(A) This franchise shall not be assigned or transferred, either in whole or in part, or leased, sublet, or mortgaged in any manner, nor shall title thereto, either legal or equitable or any right, interest, or property therein, pass to or vest in any person, either by the act of the franchisee or by operation of the law, without the consent of the City Council; provided, that nothing in this division shall be deemed to prohibit a mortgage or pledge of the CATV system, or any part thereof, for the purpose of financing the system. The granting, giving, or waiving, of any one or more such consents shall not render unnecessary any subsequent consent or consents; and such consents may not be unreasonably withheld.
(B) The franchisee shall notify the Council promptly of any actualor proposed change in, or transfer of, or acquisition by any other party of, control of the franchisee. The word
CONTROL as used herein refers to ownership or control of 25% of the stock or right of control of the franchisee, and also includes actual working control in whatever manner exercised. Every change, transfer, or acquisition of control of the franchisee shall make this franchise subject to cancellation unless and until the City Council shall have consented thereto. For the purpose of the determining whether it shall consent to such change, transfer, or acquisition of control, the City Council may inquire into the qualifications of the prospective controlling party, and the franchisee shall assist the City Council in any such inquiry. If the City Council does not schedule a hearing on the matter within 90 days after notice of the change or proposed change and the filing of a petition requesting such consent, it shall be deemed to have consented. In the event that the City Council adopts a resolution denying its consent and such change, transfer, or acquisition has been affected, the City Council may cancel this franchise unless control of the franchisee is restored to a status acceptable to the City Council.
(Ord. 2-1976, passed 8-2-76; Am. Ord. 3-1993, passed 4-19-93)